When you start the process of purchasing a home, you may want to consider using an attorney to handle the transaction. An attorney can answer questions for you about your legal rights throughout the process and about the documents you sign at closing. You have a right to legal representation and having an attorney on your side can give you assurance that you are obtaining clear and marketable title to your property.
During the purchase process, you’ll obtain title insurance. Purchasing your title insurance through an attorney means that someone with a legal education has reviewed the title documents and did not find any errors or unexpected complications. Lawyers with real estate experience can spot issues that may, down the road, develop into complications for you.
Title is the documentation of ownership filed with the county. This is not as simple as it seems as title and ownership pass not only through sales, but also through an estate when an owner dies and other situations. Title can also be “clouded” when, for example, work was done on the property and the company that did the work was not paid. Sometimes, the title documents are simple and clear, but in other circumstances, they can be much more complex. An attorney has the training to sort through the details and ensure you’re getting what you’re paying for.
Once your attorney has reviewed the title documents and handled any unexpected issues, they will sign off on title insurance. While a title search can be extensive, there may still be something unexpected that comes up. Purchasing title insurance gives you protection from odd situations such as unexpected co-owners, a later challenge to the estate, and other changes in title. When you purchase title insurance, you either get help covering the costs of resolving the issue on the title or you get funds to purchase a new home.
Title insurance is purchased in a lump sum when you purchase your new home and is a bundle of two title policies. One policy is designed to protect the lender and the other is designed to protect the owner of the home. When you hire an attorney to handle your title insurance, they can help you gain a good understanding of what situations each policy covers. If you’re purchasing your home outright and not using a lender, they can also recommend appropriate insurance to keep you covered.
The attorneys at Virtus Law Firm are experience real estate lawyers. They have helped close hundreds of homes and know what issues to look for when reviewing a title and issuing title insurance. You can be confident that with our team on your side, the house you buy can really be your home. Give us a call at 612.888.1000 or email us at email@example.com.